So this week, bitcoin has been able to avoid it dropping far below the 30 000 mark, but it's still in danger of ending the week in the red and extending its historic losing streak to a total of an eight-week loss. Now, in today's video, we'll uncover the main reasons for the bearish sentiment among crypto investors and we'll explain, what's going on with tethers backed reserves and, of course talk about some of the major headlines, including what the heck is going on with tara luna. Now, if you are liking, these daily market updates be sure to like this video down below and subscribe. If you haven't done so already and with that being said, let's hop into the computer and see what is going on in the markets for today.

So the global crypto market cap for today sitting at 1.25 trillion or a 3.22 decrease over the last day, the crypto fear and greed index on may 20th at the time filming this video sitting at a 13.. So data from the bitcoin options market right now is actually showing that traders are leaning a bit more bearish. We've said many times before that the bitcoin price actions highly correlated with the u.s markets and with current poor earning reports and hawkish comments from the federal reserve. Investors in the bitcoin options markets are placing bets accordingly.

According to research from delphi, the put call ratios for bitcoin open interest actually hit a 12-month high of 0.72 yesterday, adding that the data indicated more bearish sentiment among investors, the put call ratio for anyone who doesn't know measures the amount of put buying relative to the Calls calls are going to be anyone, who's, leaning towards more of a bullish price action for crypto or for bitcoin, and if anyone else is putting puts on an asset, it means that they're betting, that the asset is going to continue to go down more in price. In the future, when it comes to the put call ratio, a higher put call ratio is going to indicate that investors are speculating, whether bitcoin will continue to sell off or if it could mean that investors are hedging their portfolios against a downward move. Now, historically, news like this has always been bad for bitcoin, but i will say last april the put call ratio traded as high as 0.96 before bitcoin's price dropped over 50 in may 2021.. Now cointelegraph actually gives a really good summary of all this and a prediction of the three most likely scenarios based on the current price action.

So in this article they state between twenty eight thousand and twenty nine thousand dollars. Three hundred calls for seventy one hundred puts and the net result favors the put bear instruments by a hundred and ninety million dollars. If we get any situation of seeing bitcoin between 29 and 30 000, this is going to put 600 calls versus 5550 puts and the net result. Favors bears by 140 million dollars and if we see bitcoin in the price action of 30 000 to thirty two thousand dollars, it's going to put even more emphasis where we're seeing a thousand seven hundred fifty calls versus thirty seven hundred puts and the net results favors.

In puts instruments by sixty million dollars, so if that just went over your head, because i wouldn't be surprised, if it did it pretty much went over my head when i first read it. This data just suggests that the bulls best case scenario requires a push above 30 000, or we need bitcoin to stay above 30, 000 for us to have a little bit more momentum coming from the options market. Now, as most you guys already know, bitcoin still dictates what goes on in the market and although there are some decoupling effects with other all coins, usually, if we want to see mass growth, we still need bitcoin to act on its bullish trajectory. Taking a look at the charts, just yesterday we went over bitcoin's 50 ema acting as a key resistance level on the four-hour chart.

We take a look at how many times the price has touched, the ema without being able to break through and hold that price level. For the past 28 hours, every candlestick has either touched or broke through the 50 ema before sliding down and finding support at the 9 or 20 ema. Now what this means is, if bitcoin is able to break through the 50 ema and turn that level into support, then i would expect the following resistance levels to be around thirty thousand seven hundred dollars and then move up towards thirty one thousand five hundred. Whenever we break through a resistance level, we always want the price to retest that price and confirm that it is now a support level before a continuing higher.

This shows chart strength and confirms that we're also trading at higher price ranges. Now, for example, look at this chart here so on may 12th, the 28 590 price level acted as a solid resistance. It's almost as if bitcoin it couldn't decide whether to stay above or below that price. For about six candlesticks, which in this case is the four-hour chart for an entire day - and i will mention, however, bitcoin did finally have a nice pump on may 13th and we saw the price re-test that 28 590 level about six times and it hasn't gone below It since each time that level gets tested and holds it, validates the support even more and increases in strength.

We can also see that may 13th bitcoin has been struggling to stay above that 30, 700 level and we've touched it multiple times and even broke through that level. But it's come back below every single time now. Basically, the biggest thing that we need to do is be able to break through the 30 700 level and then from there we can establish some better support within the market, despite all the current macro economic fun that we're seeing right now and everyone's bitcoin prediction about How they think it's going to go down and we're not gon na have any recovery in the market. This chart here actually tells a different story now, although four-hour, charts and dailies are still not rather reluctant on what future price action may indicate just because it changes so much volatility is skewed time and time again, even just from any news that we get on a Fundamental basis, or if stocks happen to slide even more for no apparent reason, then it would definitely skew the charts, but we're able to just take a look at the basic principle of looking at support levels and understanding holding.

This could indicate a bottom, and this could give us further momentum to the upside. That's still simple principles that at least keep in mind now now going into some of the other. All coins of the market ethereum is staying at pretty much the similar price range of where it's been all week. It is sitting at right under two thousand dollars and most other all.

Coins right now are still consolidating within a similar zone. Taking a look at the big, 24-hour winners, kyber network is still up today. It was up yesterday too so for the last seven days. It's actually up about 40 percent.

We have cosmos adam about two percent increase in the market and we go to some of the biggest losers. Tara usd continues to lose money, so this stable coin. Every time i check it every time we're doing these updates. It just looks like it's getting worse and worse.

Uh thor chain rune is down. 10 gallon games is down about 9 and then for the biggest losers. For this week i mean helium is down about 25. We have convex down about 27, not too much good news.

In the market - but i will say, there's still other cryptocurrencies, even if we take a look at some of the dog water dookie coins that i personally want to touch with the 10 feet. Pole they're still going up, so this even still gives us an indicator that, right now it's not completely red. I mean we still see this with the top 100 all coins, but just for you guys to know, even if we're in a considered bear market, there are always going to be opportunities for you to find and ways to make money within these markets. Now, if you guys, are interested in buying up that dip - and you guys want to check out one of our sponsored partners for a listed exchange, you can check out ftx listed down below in the description as well.

So ftx is one of the largest cryptocurrency exchanges, where you can get 85 lower fees in their top competitors. No fixed minimum fees, no ach transaction fees - and you can also set up reoccurring, buys directly within the app making dollar cost averaging really easy. If you also want to pick up a free 100, just by trading with your account, don't forget to use code jung link down below in the description all right. So one of the headlines that i wanted to cover in this video is actually talking about an update with regards to terra luna and, where they're, currently at so about five hours ago.

We got a report from coin telegraph stating that court documents reveal dokuan dissolved, terraform labs in korea days before the luna crash. Now this discovery of legal documents could actually provide some greater context on the catalyst and it could actually indicate that do. Kwan might have known about the coming collapse and helistrana's best to protect himself now with the reports we're able to get official document that both the busan headquarters and the sole offices were slated for dissolution during a general shareholders meeting on april 30th, with their demise being Actioned on may 4th and may 6. now they state here.

The timing of these decisions has raised suspicions within the crypto community due to their potential correlation to the events compromising the financial obliteration of the terra, luda and ust stablecoin during the early hours of may 10th. Now not only that, but it looks like dokuan has even more coming up on his plate, where now he has to face a 78 million dollar fine for tax evasions. So, according to local reports, south korea's national tax service launched an investigation into terraforms labs. So this investigation showed that two of the companies that were subsidized by terraform labs were registered abroad in virgin islands and in singapore's.

Now. The debate here is that, even though their legislation of the business was in some of these other countries, what usually a lot of these banks and other you know wealthy wealthy billionaires tend to do. It looks like right now, south korea, tax officials are determined to make them pay their taxes, because the management still took place in korea all right. So with that information, the tax authorities ordered terrorist subsidiaries in the virgin islands to pay a fine of 34.7 million dollars in corporate tax 3.6 million dollars in income back tax in october and has now ordered dokwan and other executives to pay an additional 78 million dollars.

In fines for tax evasion penalties now, i'm not sure if this is karma, but it looks like things just continue to get worse for do kwan, and it looks like even with all these tax penalties. I don't know if you'll be able to afford to pay him, but it still is just a fraction of all the pain that many investors who were involved in to tara luna have suffered. Now. The 78 million tax penalty actually comes less than 24 hours.

After reports emerged that korean investigators have filed criminal and civil lawsuits against dou kwan, on top of that, the courts are right now pushing to seize kwon's assets and another korean group called victims of luna. Ust coins also plan to file a class action lawsuit against dokwan. For fraud and illegal crowdfunding, so when it comes to my thoughts on the whole situation, like i understand where do kwan comes from in wanting to move to a tax-friendly country in trying to save on that amount, but he i don't know for someone as smart as He was supposed to be, he just didn't make the right moves. He relocated the hq physically, but never legally changed the country of operations that now has caught up to him, where all these tax violations are adding up.

On top of that, i mean just the whole distaste of the entire dokuan terra luna and then the ust token situation has left a lot of people salty. It's left me pretty salty, too, and even during this time, just when we get more reports of him getting more and more issues coming up, you know i never want ill intent for anyone, but it is definitely. It is definitely entertaining to say the least, to see a lot of these things unfolding now. You guys, let me know how y'all feel about tara luna's adon, actually getting hit with that fine.

Should he get hit with an even more fine? Is it jail time that he should be getting right now? Let me know, amidst all of this tara luna collapse, we actually had a lot of investors, myself included, who are really skeptical about other stable coins, including tether. Now the good news out of all this is that tether went ahead and confirmed a fully backed reserve in its latest assurance report. Last week, tether the largest stable coin de-pegged against the us dollar and was actually trading at 95 cents to the dollar and plenty of reports have claimed that ust experienced a significant loss in its total supply and there have also been major youtube videos. A lot of news reports and articles just talking about how tether could also be another scam.

Now, with the entire stablecoin crash and the increasing concerns it looks like usd tether, went ahead and backed up their reserves, and they actually showed that they do have the backing. For their funds, so the way tether did this: is they provided a consolidated assurance report by accounting, firm, mha cayman, which assured that the crypto community had the usdt stablecoin beyond fully backed, so the firm found that tether's total assets are worth at least 82 billion dollars, While its total liabilities amounted to 82 billion now, this actually gave them an excess of about 162 million dollars, and the report figures match those in tether's unaudited consolidated reserves report as of march 31st 2022.. So i believe this right here is really good news for the overall crypto community, because at this time last year only about three percent of tethers supply was actually backed by real cash. And since then, they focused a lot on increasing their cash supply and reducing the portion of commercial paper in their reserves.

Now their increase in cash supply that we can actually see in these reports give more credibility and foundation into the overall crypto markets, because if we got the worst case scenario happening, ladies and gents, if things went south and we saw another black swan event and tether Had lost its peg, i don't know how much the crypto market would be able to sustain now. This is why fines and regulation within the space is not bad at all. If you guys remember tether and bitfinex, which had a correlation to one another, had to pay a 42.5 million dollar fine for their omissions of material and in their connection, to backing up the usd tether token, these fines, these regulations, these report overall make these companies work Harder, so that they can prove that they have these funds so that we can continue to build on better foundation. So, ladies and gents, i know that this week has been rather boring and flat within the markets, especially since all of the dopamine and stress we were feeling just last week with the entire terra luna crash.

I do want to mention with all the headlines that we're seeing now we are getting more emphasis on that global adoption with cryptocurrency we're seeing still a lot of countries moving forward in adopting this we're seeing other smaller tech companies or even bigger tech companies. Moving forward and bringing forth the revolution of what the crypto markets can unfold even during times like this, where the markets don't seem exciting, but we still consistently see that extreme fear. That is when we continue to move forward. We continue to average into the market, and we realize that in the future, whether it's next week next month or a few years from now, we continue to make progress within this space, all right so to wrap this video up fully.

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So, first of all, if you guys are members watching the update right now just want to say i appreciate every single one of you guys and if you all are looking to join too don't forget to check out the links down below in the description. For that now, towards the end of the video, we always do a secret word. Today's secret word is going to be comment down below corgi because i saw a corgi yesterday and it was so cute and i love dogs and now guys, hopefully i'll, have an amazing weekend. Happy friday, and i will see you guys in a monday's update.

Take care peace.